TOP 5 BEST FOREX BROKERS IN SOUTH AFRICA. CHECK THEM NOW!

BRKV – This article will be showing the features of the best forex brokers in South Africa, which are mostly for traders in this country. As you may know, there are many big trusted brokers from all over the world, but not all are suitable or good for South African traders. South Africa have their own financial regulations to manage the brokers working there. So it would be better if brokers obtain the licenses for operation in this country. Those brokers having licenses to work in the country are also reliable and trustworthy because it is not easy to acquire the regulations of South Africa. In addition, those brokers can guarantee the safe trading environment and protect South African traders whenever there are problems or trouble. Below are the common standards to evaluate the performance of the best forex brokers which want to work in South African countries and we can also indicate which are the best forex brokers in South Africa:

Trustworthy

Trading costs

Trading conditions

Local services

Regulations

Low spread

Good quotes

Payment system

Historical activities

Low commission

Trading platforms

Local offices

Low slippages

Availability

Good rebate/bonus

Low swap

Here are the top 5 best forex brokers in South Africa for your consideration:

Regulations of the best forex brokers in South Africa

As you may read many articles about forex brokers, regulation is one of the most important parts of forex system that can indicate how reliable a broker is. So what is regulation? The regulation is a license provided by the trustworthy financial organizations to set rules for the brokers and monitor their financial activities. This regulation makes sure that the brokers will guarantee the safety for traders and protect them from any trouble or risks. However, it is difficult to obtain one of these regulations since it has many requirements. Then, as mentioned above, those with trusted licenses are often the reliable brokers.

There are also domestic forex brokers in South Africa but they have less experience than international brokers. It is easy to understand because international brokers such as XM or Exness has worldwide offices and services which were set up and in operation for a very long time. They also have skillful staffs, excellent support and great services which are proven by time and therefore, it would be better to work with trusted international brokers than those domestic ones in South Africa.

It is believed that regulations from the US and UK are the best. US and UK have the trusted financial management system and also, their brokers have the best trading platforms, features, financial health and management systems… But, we are talking about the best forex brokers in South Africa. No matter how good those US, UK brokers can be, if they don’t have South African regulations, they cannot protect traders there. Only the South African regulations can protect traders from the country. So, a good broker in South Africa must at least have one regulation from South Africa in order to keep the traders there safe. There are regulations in South Africa such as FSB, FSCA and IFSC, which are obtained by some of the best forex brokers listed below:

FXTM – CySEC, FCA, IFSC

Hotforex – CySEC, FSCA, FSC

XM – CySEC, FCA, IFSC, ASIC

FBS – CySEC, IFSC

The fact is that a broker should have more than one license to serve traders in many countries and this also means that the broker is big and reliable for traders. However, the quality of the regulation is more significant than the number of the regulations that a broker has. A broker only needs to obtain one license of the country where it works if that country has its regulation, which is enough. For example, FXTM has IFSC, which is from South Africa. Then the traders in this area are free and safe to trade with FXTM since it has the regulation in their countries.

It is also said that the best brokers should be the largest brokers in the forex market. It means they should have huge trading volume monthly, offices and services in many countries with the excellent quality. It also has great reputation which is proved by time and then, traders could entirely trust in the largest brokers in the market.

Payment systems of the best forex brokers in South Africa

BRKV – The second most important part of forex system is payment system as it is regarding to the deposit/ withdrawal issues. If you are not aware of the payment system in a broker, you will be charged a dramatic cost for depositing or withdrawing money. Some US and UK brokers are famous for their excellent services and payment system in their countries, but in other areas, they are not really good. Transferring overseas costs much more than you really know. For example, in Asia, traders are charged from 1.7 to 4% of their total fund while depositing by their credit cards. It is the disadvantage of those traders because it costs much money just for depositing the fund, while the profit rate is difficulty obtained at 5% monthly. Therefore, the best brokers in South Africa should support payment systems in local bank or local e-wallet to reduce the cost for traders. Some brokers such as XM even offer free-of-charge payment through local banks. It also provides different international payment methods like using Credit/debit cards, Neteller, Skrill, Webmoney…

Here are some brokers with the best payment systems:

Hotforex – all local banks and e-wallets

FXTM – all local banks and e-wallets

FBS – local banks and e-wallets

XM – local banks and e-wallets

Exness – instant transfer and withdrawal

Trading costs of the best forex brokers in South Africa

As this is the cost when you join into the forex market, it is very crucial to reduce the cost in addition to gaining the profit. There are 2 types of cost: spread and commission. Spread is the difference between the Bid and the Ask prices. It is the fee of transaction which are paid to brokers or banks. The high spread means the high cost of transaction. Meanwhile, commission is often charged by brokers for every ECN transaction.

There are 2 types of brokers: dealing desk and non-dealing desk with 2 types of account: Regular and ECN. While main income of dealing desk brokers is spread, the main income of non-dealing desk brokers is commission. That is the reason why the spread of dealing desk brokers is much higher than that of non-dealing desk brokers. For ECN accounts, you are charged only commission as the spread is nearly zero, then the main cost of transaction is commission.

The best brokers for South African traders should have the lowest spread or commission. Forex.com are great brokers but they charge from 1.7 to 2 pips for EUR/USD trading, which is higher than those brokers that I mentioned above. It is even 50% higher than the spread of Exness, Hotforex or XM.

Here are some spreads of the best forex brokers in South Africa for your consideration:

Customer service of the best forex brokers in South Africa

Since the forex system is complicated itself, it would be difficult for traders, especially beginners, if they do not get any guide or help from the support team. Support team play a significant role in forex market, which can indicate how well a broker works. Therefore, the best forex brokers should offer the best customer services, which could help traders instantly, timely and effectively. For example, XM is one of the brokers which have the best customer services. It has no technical error or discomfort claimed by traders since it was first founded. It provides support in English and additionally more than 30 other languages, which could help many traders from all over the world. XM also has local banking support, which is really convenient for traders when they deposit or withdraw money. Traders such as Thai, Chinese, Indonesian,… are always supported 24/7 by the friendly staffs with the excellent service quality.

Here are the top supportive brokers that are highly recommended for South African traders:

Exness – supports 24/7

XM – supports 24/7

FXTM – supports 24/5

FBS – supports 24/5

Hotforex – supports 7:00 to 23:59 GMT Mon-Fri

In conclusion, there are many good forex brokers in South Africa but each trader is suitable for each broker in this area. According to this article, South African traders could find their own forex brokers based on the common standards that are listed above.

About The Author

Hey, I’m Fanara Filippo. I’m a writer living in Vietnam. I have been trading forex for more than 3 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.